Veterans in the United States play a pivotal role not only in national defense, but also in entrepreneurship, despite facing significant challenges. According to recent data, there were over 1.7 million veteran-owned businesses in 2023, contributing $179.9 billion annually to the economy and employing 3.3 million workers. Despite this, the rate of veteran entrepreneurship has been declining, particularly among younger generations like post-9/11 veterans, where only 3.4% are entrepreneurs compared to 4.8% of non-veteran millennials. Challenges such as access to capital, mentorship, and supportive networks continue to hinder their entrepreneurial pursuits.
Despite these obstacles, many veterans have successfully transitioned their military skills into business ventures, showcasing resilience, adaptability, and leadership. Examples include Major Anthony Gantt Jr., who founded At Ease to address challenges in military lodging, and France Hoang, co-founder of boodleAI, who leveraged his military and legal background to begin his business. The journey from military service to entrepreneurship can be lengthy, with many veterans start their businesses years after their military service ends. To support veteran entrepreneurs, business leaders are urged to develop tailored mentorship programs, facilitate access to capital, and build robust support networks. By harnessing their skills and experiences, the veteran entrepreneurial community can drive innovation, create jobs, and foster economic growth with the right support and encouragement.
